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12/03/20
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The historic, 606-key Fairmont San Francisco has been refinanced with a new loan for $150 mil. The iconic hotel, listed on the National Register of Historic Places, is owned by an affiliate of Mirae Asset Global Investments.
Located at 950 Mason St on San Francisco’s Nob Hill, the Fairmont first opened in 1907 and is famously known for hosting every U.S. President since William Howard Taft, along with many other celebrities over the years. It is also recognized for being the first hotel in the country to offer concierge service.
Since 2015, the Fairmont San Francisco has undergone $16 mil in renovations to public areas, guestrooms and infrastructure items. The landmark hotel contains 62 suites alongside traditional guest rooms, over 45k sf of meeting and event space, including a ballroom, retail outlets, fitness center, business center, in-room dining and premier restaurants such as Laurel Court Restaurant & Bar and Tonga Room & Hurricane Bar.
The hotel re-opened in September after suspending operations in April due to the pandemic.
The new financing was arranged by a JLL Hotels & Hospitality team that included Kevin Davis and Mike Huth. The five-year, non-recourse loan was funded through United Overseas Bank.
“This transaction is one of several recent closings that illustrates the increased availability of debt for high-quality hotels with strong sponsorship and good pre-COVID performance,” said Davis, a Senior Managing Director in JLL’s Hotels & Hospitality Group, where he heads the Hotel Investment Banking team nationally.
2012 car show in front of the Fairmont on Nob Hill |
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